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NYC Multifamily Sales Rose 39% Before Pandemic

Following a tumultuous 2019 due to the passage of sweeping rent-reform legislation, New York City multifamily investment sales were off to a strong start in the first quarter, PropertyShark reported. Arm’s-length sales volume surged 39% year over year, reaching $1.9 billion in the Q1, with Manhattan seeing a 114% increase Y-O-Y.

That being said, 20% of Q1’s dollar volume was represented by the $380.6-million sale at 7 E. 28th St. in Manhattan’s NoMad neighborhood. Furthermore, because Q1 2019’s sales volume was 48% below Q1 2018, 2020’s first three months still came in $747 million below Q1 two years ago.

With the pandemic, PropertyShark quotes Nest Seekers’ Ryan Serhant as saying, “The New York City market has come to a standstill. No one has ever experienced anything like this before, so everyone just stopped.”
Looking ahead, he advised, “Floor it onto the open road. That’s the second quarter.”

Pictured: A terrace at the Instrata, 7 E.28th St.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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